Prudential Financial Inc. completed the previously announced sale by The Prudential Insurance Company of America of a $500 million 10-year exchangeable surplus note to Nippon Life Insurance Co. Nippon Life now can exchange the surplus note for shares of Prudential Financial common stock at any time, at Nippon Life’s option, beginning on the fifth anniversary of issuance of the note.
“We are pleased that Nippon Life has chosen to invest in Prudential,” says John Strangfeld, Prudential Financial’s Chairman and CEO. “We view this investment as a mutually beneficial partnership. Our two companies will continue to seek opportunities to work together and to promote the well-being of the life insurance industry around the world.”
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